ANN ARBOR — The optical communication gear and electronics maker Advanced Photonix Inc. (NYSE: API) reported an 8 percent sales jump to $7.7 million in the first fiscal quarter ended June 27 vs. the year-ago revenue figure.
The company also reported a net loss of $925,000 or 3 cents a share, vs. a loss of $268,000 or 1 cent a share in the year-ago period.
The company said gross profit margin was 38 percent of sales, down from 41 percent of sales a year earlier, due to the completion of development contracts for its Terahertz equipment, deals that have not yet been replaced.
Earnings before interest, taxes, depreciation, amortization and stock-based compensation was $268,000 for the quarter, vs. an adjusted EBITDA loss of $68,000 a year earlier.
The company also released an adjusted loss figure of $3,000 for the quarter. By the same yardstick a year earlier the adjusted loss was $403,000. The adjusted loss was net income excluding investment gains and losses, amortization of intangible assets and patents, non-cash interest expenses and stock-based compensation expenses.
Operating expenses were $3.1 million or 40 percent of sales, down from $3.5 million or 49 percent of sales a year earlier, due primarily to cost reduction measures.
The company had $1.4 million in cash on hand as of June 27, up from $120,000 on March 31, due to the receipt in June of $2.9 million in net proceeds from a firm underwritten placement of 6.2 million shares by B Riley and Co. In addition to the cash on hand, the Company had access to approximately $3.2 million in additional funds available on the Company’s line of credit at quarter end. Net working capital as of June 27 was $4.6 million.
“Our high-speed optical receiver product platform achieved sales of $3.7 million in the quarter as customers demanded a record volume of 100G optical receivers,” said API CEO Richard Kurtz. “Investments made in the past several years in our HSOR product platform are driving profitable growth this fiscal year and investments made in our Terahertz product platform are beginning to show traction in the industrial process control and quality markets. We reiterate our guidance to grow our fiscal year 2015 revenues by more than 20 percent from last year given the ramp we are seeing in our three primary markets: test and measurement, telecommunications, and military-aerospace.”
To listen to the tape of a conference call with analysts and investors discussing these results, visit www.advancedphotonix.com.